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Reforms have increased liquidity in private shares and eased flotations, but PE sponsors warn there is still a lack of domestic capital willing to buy IPOs
Bankers welcome third and fourth deal in two weeks
Shareholders sell down holdings in AutoStore and Orsted, as shipping company opens books ahead of Athens parallel listing
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Union Medical Healthcare covered the institutional tranche of its HK$951m ($122m) IPO on the first day of bookbuilding, with the deal driven by orders from Asian accounts. -
The Indian government has set its divestment target for the next financial year beginning April at Rp360bn ($5.3bn), cutting its goal for share sales to nearly half of this year’s objective.
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Indian non-banking finance company Au Financiers has sent out a request for proposals for an IPO that could raise $300m, according to a source that has received the RFP.
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The drop in oil prices in 2015 prompted Middle Eastern goverments and companies to rethink operations — pulling back on some projects, gobbling up reserves and adjusting subsidies. GCC international bond issuance took a hit as a result — last year $20.8bn was printed, down from $26.3bn in 2014. Looking forward to 2016, some issuers have announced more bond market issuance to fill funding gaps, others less as they brace for slower growth. At GlobalCapital’s roundtable, held in Dubai on January 26, representatives from companies, banks and goverments gathered to discuss how best to navigate demand and tap new pools of funding, as well as the changing attractiveness of the bond and loan markets.
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Once abundant, Middle Eastern capital market demand is drying up as the oil price has sunk ever lower. Meanwhile, fears of the knock-on effects of China’s economic woes have been making international investors fret. On the face of it, the Middle East is likely to face huge challenges this year. At GlobalCapital’s roundtable on January 26, bankers and investors in the region assembled to discuss how they see the opportunities and risks inherent in investing in the Middle East. Can the region ride out the storm?
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Deposit rich Middle East banks will not turn away from the capital markets this year, but, as lower liquidity sets in and international banks compete for position, they will have to grow used to paying more for funding, writes Tyler Davies.
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